B1 1 term inv. Inv. a new term for our economy. In the Fatherland. Economy inv. Used as a synonym capital. investments under that understand all the costs of material, labor and financial resources aimed at the reproduction of fixed assets. Use the following concept of capital. Investments - is that the funds are spent on the construction of new, reconstruction, expansion and modernization of existing enterprises (this proizvodstvennnoe capital. Attachment) on housing and communal and cultural construction (non-productive capital. Attachment) .Investitsii- is cash, special bank deposits, shares, et al. securities, technology, machinery and equipment license goods. signs, loans, any other. property or assets. law, intellectual. values, invested in objects businesswoman. or other activities. activities for profit .The most common and widespread in the market economy is considered to be an understanding of resources in any form for profit or some other. effect. In everyday language, the word inv. Does not always have the same meaning assigned to it in some economical. discussions where pure investment or capital formation called Xia what is the net increase in real capital (buildings, equipment, and so on. d.). In everyday life, says the man in the street on investment when he buys a piece of land is in circulation, securities or other. Valuable property. These definitions show differences in the understanding of the essence of inv. in a planned and market systems. The definition given in the planned EC-ke narrows the field of investment and applies only to investments in increasing and improving fixed assets. In the present. Napping in the EC-ke our country used both terms as inv. and capital. investments in a market economy in its essence inv. include 2 sides invest activities: the cost of resources and results. Inv. carried out in order to obtain the result and yavl Xia useless if they did not bring the expected result. The common characteristic features inv. are real inv. usually are long-term (short-term inv. impl-Xia in the financial sector with a fast liquid securities) Invest. Activities and to take Invest. Solutions have a complex effect on all aspects of business and the Social-economical. Situation in the region, so you need technical information and organization. grounding of investment decisions.
2Obschaya evaluate the effectiveness of the scheme. Prior to the evaluation of the effectiveness eksperimentno determined by the social significance of the project, t. E. Large-scale, national economic and global projects. Assessment is carried out in two stages: Stage 1: Calculate pokazaieli efficiency of the whole project. The purpose of this etapa- aggregate ehkon th evaluation of design decisions and create the necessary conditions to search for investors. For local projects are evaluated only commercial effectiveness and if it was acceptable recommended proceed to stage 2 assessment. For socially significant projects is primarily their social efficiency. When poor public performance Drafts are not recommended for implementation and do not qualify for government support. If they obyuschestvennaya efektivnost is sufficient to evaluate their commercial progress.2 The stage is carried out after the establishment of the financing scheme. At this stage specifies the composition of the participants and specifies the financial feasibility and effectiveness of participation in the project each (regional and sectoral efficiency, effect-st participation in the project of individual companies and shareholders and others.) For local projects at this stage is determined by the efficiency of individual participation in the project participating companies, the efficiency of investment in shares of such companies and the effectiveness of participation in the project budget. If necessary at this stage can be estimated as the sector project efficiency.
B2 1. The definition inv.v accordance with teriey Keynes and describe highlights mechanism invest. Process in Keynesian theory. From a macro economical. Position (the founder of Keynes) problem is considered from the perspective of investment of state investment policy t. E. Politicians income and employment. In Keynes's theory of investment is defined as the portion of income that was not used for consumption in the current period investment appear here as the back of the savings. Keynes its Macroeconomic. Theory studied the mechanism of the investment process, paying particular attention to the relationship between investment and savings. Highlights invest. Process is as follows: In a developed economical. System separates the functions of saving and investing. A certain part of the savings can be invested. This is the main part of the small and medium enterprises, farmers and others. .. Dr. farms. of the subjects of economic relations are preserved for future expenditures (consumer or investment). Movement on the size of savings and investment decisions are made based on various subjects prerequisites savings implemented household governed by consumer preferences. Invest. decisions are taken by employers and are influenced by their subjective assessments of demand for manufactured goods and are unstable. The expected value of investments and savings surrenders important. The actual volume of savings and investments is always the same value, and the expected values ??of these quantities may vary. They should be considered as 2 kinds of assumptions about the future from the perspective of producers and consumers of goods coincidence which may arise by chance. When passing these values ??there are 2 situations: - if the planned savings of more then the equality of actual values ??of these quantities is restored by force forced inv. in inventories of unsold goods. Going crisis of overproduction. Under these conditions, gov't. Regulation rasshirivaet EFFECTS. Demand proper. Expenditure .; - We have a long time production has invested more than save. In this case, the forced alignment of the actual inventory and savings led to the emergence of consumers forced savings uncorroborated mass of commodities that served as a source of inflation. According to the classical theory of the mechanism of balancing these values ??yavl Xia% rate which is automatically installed when the inventory level and savings equals investment Keynesian interpretation of the mechanism of the process by controlling the size of bets% of the budget and tax policy of state-va yavl Xia means of preventing crises and driving compliance with plans and expectations of consumers and producers of their own goods.
2Osnovnye principles for evaluating the effectiveness of Invest. Project. The estimates of the effects and n the following basic principles apply to all types of projects, regardless of their technical or technological financial industry Regions features: a) consideration of the draft during its life cycle (billing period) to conduct research to predinvestits termination of the project; b) cash flow modeling including all associated with the implementation of the project monetary income and expenditure for the settlement period with the possibility of using different currencies; c) compatibility conditions to compare different projects; D) The principle of positivity and maximize the effect. To n and from the standpoint of the investor has been recognized ef th necessary to effect the implementation of the project was put th when compared to alternative and n; d) Taking into account the time factor. In assessing the ef of the project should take into account various aspektyfaktora time t h dynamics (changes over time), the parameters of the project and its economy okruzheniya4 breaks in time (steps) between the production of IL-res s receipt and payment; e) Accounting only future costs and revenues. When raschetahpok-lei ef-sti should be considered only in the course of the coming of the project costs and revenues including the costs associated with the involvement of previously associated production funds, as well as the upcoming loss directly caused by the implementation of the project; g) compared with the project and without the project. Evaluation of ef and n must be made by comparing the situation not to "draft" and then "project" and without "project" and "project"; h) records of all the most significant impacts of the project. In determining the ef-sti and n should consider all the consequences of its implementation of both economic and non-economic. In cases where their impact on the ef-st allow quantitative assessment it should produce, VDR cases account of this effect should only be made expert; i) Accounting for the presence of various project participants, their diverging interests and different estimates the cost of capital is expressed in individulnyh values ??of the discount rate; a) a multi-stage evaluation. At different stages of project development and implementation of its ef-st determined again with different depth study; H) consideration of the effect on the ef-st and n working capital requirements necessary for the operation created by the project of productive assets; M) Inflation accounting (accounting of price changes for different types of products and resources during project implementation) and the possibility of use in the project for multiple currencies; n) Accounting (quantified) vliyaniyaneopredelennosti and risk soprovozhdayuschihrealizatsiyu project.
B3. 1. Bring a list of markets and the groups to which the interaction of investment. Processes. The system of market relations centered yavl Xia mechanism investment process is structured in a certain way. Among the variety of economic relations can be distinguished structure of action which are aggregated into separate, interconnectivity sektry (markets). In these markets come into economical relations different actors which also form groups differing similar behavior in individual markets. Allocate 4 Market and 4 groups: 1) Commodity market where obogachivayutsya all produced in the economy of goods and services. 2) labor market, covering the production factor labor. 3) Money Market, which includes issues of supply and demand of funds. 4) The financial market in which securities are traded. Groups: 1) Household 2) entrepreneurs 3) The State 4), foreign
2 Features effectiveness evaluation at different stages of development and implementation of the project inventory. Evaluating the effectiveness and n should be at stages: 1) Development of inv proposals and declarations of intent (rapid assessment of investment proposals) 2) Development of justification of investments 3) Development of the project 4) Implementation of the inventory project (economic monitoring). Principles for evaluating the effectiveness and n are the same at all stages. The assessment may vary by type of consideration of efficiency, as well as on a set of input data and the level of detail of description. During the development phase of investment proposals could restrict the effectiveness of the assessment as a whole. The project financing scheme can be scheduled in the most general terms (including, by analogy on the basis of expert judgment). In the development of studies and investment project should be evaluated all the above types of efficiency. In this case: - the development stage justify investment financing scheme can be estimated. During the development phase of the project should be used real raw data, including funding under the scheme.
B4 1. Describe akselyaratsionnuyu investment theory and the theory of profit maximization the entire history of the development of modern economic thought the theory of investment has undergone various modifications. Empericheskih been many studies to prove or disprove a particular investment theory. All these hypotheses have sought to answer the following questions: to what extent and under what conditions inv contribute to economic growth and what factors determine the fluctuations konyukturnym investment. The main hypotheses: 1) Akselyaratsionnaya theory of investment. 2) The theory is based on the profit motive 3) The hypothesis defining the theory of liquidity when making investment decisions 4) theory considers the relationship of the size of the investment and the value of the rate of interest (% is the plan of the borrower's lender for the use of money as loan) 5) The neoclassical theory of investment. The purpose of production within akselyaratsionnoy theory is the growth in output. Meanwhile, output growth is considered representatives it only as a means of making a profit. By itself, the increase in production is not really in the market economy if it does not entail any advantages for investors. Consequently, this interpretation investment process provides a one-way relationship between these values ??and are therefore not able to give a description of covering investment process. From the point of view of the theory of profit maximization investment in the private sector are realized only when along with expectations of increasing sales of sufficient magnitude to meet the expectations of profit. Thus, profit is seen as a starting point for decision-making inventory means that together with the planning of sales entrepreneur must take into account the prices and costs of production.
2. Den. IP stream.
The effect of SP-be assessed during the billing period covering the time period from the beginning of the project prior to its termination.
Start calculation. period is recommended to determine the job on the calculation of the effect-ti invest. Project # as the start date of an investment in the design and vzyskatelskie work.
Termination implementation prokta m / b due to:
1. The exhaustion of stocks and other commodities. Resources;
2. The cessation of production in relation to the requirements of Changes (norms, standards) to manufactured prod-ii, production technology and working conditions in this industry;
3. Termination of market demand for cont-ii in connection with its moral obsolescence or loss of competitiveness;
4. Wear DOS. parts mfr-governmental fondnov;
5. others. Reasons set out in the job to the dev-kyu project.
If necessary, at the end of the billing period is proposed liquidation built. objects.
When dividing the calculation. period for steps (joists) should be considered:
1. The purpose of the project;
2. cont-of the various phases of the project life cycle. In particular, it is advisable to complete the building moments Islands objects, aspects of development input of production capacity, the moments of the beginning of the govt's main type cont-ii, replace the main points in the CP coincides with the end acc-ing steps that will test Fin. feasibility of the project at various stages of its implementation;
3. uneven den. postuleny and cost, including seasonality Manuf Islands;
4. The frequency, Financing-I project. The result of the calculation is recommended to be chosen so that the receipt and repayment of the loan and% -e payments fell to its beginning or end;
5. assessment of undefined-minute and risk;
6. The financing terms (the aspect ratio, ie equity and debt Wed-in, the size and periodicity of payments% of the loan and leasing);
7. ism-e prices for the step due to inflation, and others. Reasons.
Calculation steps ODA-are their numbers. Time calculation. period measured in years or fractions of a year-and otchit from the instant of the received base.
The project, as well as any fin. operation, i.e. operation associated with the receipt of income and expenditure, generates den. flows.
At each step, the value den. Features forms a stream:
1. influx of equal size den. income (or cut-ing in value terms) on this result.
2. The outflow of equal payments at this stage
3. The effect equal to the difference between the m / s from inflows and outflows.
Den. stream usually sostot of the partial flows from individual species Worker-and:
1. Den. flow from Invest. Worker-and
2. Den. flow from operating activ-and
3. Dan. the flow of finance. Worker-and
1. In den. flow from Invest. Worker-and outflows to include:
- Cap. investments;
- Commissioning works;
- Liquidation costs at the end of the project;
- The cost of an increase in turnover. Cap-la and -VA invested in additional funds.
By tributaries include:
- Sale of assets (possibly conditional) during and after the project;
- I will do, by reducing obortnogo cap la;
2. den flow from operations th Worker-and tributaries include:
- Proceeds from the sale as well as other non-operating income and, including receipts from I-Wed-in, embedded in ext. Funds.
An outflow otntsyat:
- PRODUCTION s costs;
3. Worker-financial and include:
- Transactions with CP you external rel th to invest. design, i.e. not coming at the expense of impl-I project. They consist of sobst. (Equity) capital of the company and involved in the CP.
For the den. flow from financing activ-and tributaries include:
- Property investment th (equity) cap-la-Wed and raised in, subsidies and grants, borrowed Wed-in, including through the issuance of predpr it his own. debt securities.
By outflows include: